With-Profits governance

The Financial Conduct Authority (the “FCA”) requires all insurance firms to set out the way in which they run their with-profits funds in a document called the “Principles and Practices of Financial Management” (the “PPFM”).

When you invest in a with-profits policy, you are entrusting your money to the present and future financial management performance of the company with whom you invest. The Principles cover the company’s high-level approach to the management of with-profits investments. The Practices describe in greater detail how the Principles are applied.

Oversight of all of the Countrywide Assured With-Profits business is provided by an independent Committee that reports to the Board of Countrywide Assured. If you would like any further information about this Committee and its responsibilities, please click here to see the Committee Terms of Reference document :-

The Terms of Reference for the Countrywide Assured With-Profits Committee

Countrywide Assured With-Profits Funds

All of Countrywide Assured’s with-profits business (except for the Save & Prosper With-Profits Funds) is re-assured to ReAssure (formerly know as Guardian Assurance plc). In 2016, Guardian were bought by Swiss Re. Swiss Re are a major financial services firm who manage policies through its UK life company, ReAssure. From June 2016, Guardian changed its name to ReAssure Life. Under the reassurance arrangements, ReAssure make all decisions regarding bonus declarations, fund investment policy and surrender values (including Market Level Adjustments). However, the policies are administered by Countrywide Assured and we retain ultimate responsibility for the provision of the benefits under your policy.   

ReAssure has also produced an annual report detailing how they have complied with the PPFM, Guardian Assurance With-Profits Fund report to policyholders..

This report is supplemented by our own report, which will comment on ReAssure’s compliance with the PPFM from the standpoint of the Countrywide reassured business.

Save & Prosper With-Profits Funds

As we are required to do by the Financial Conduct Authority, each year Countrywide Assured produces a report to its policyholders for its With-Profits funds, confirming that they have been managed in accordance with the documents mentioned above (the “Principles and Practices of Financial Management of its With-Profits Business”). We have an independent With-Profits actuary and he has reviewed these reports and added his own summary. If you would like to see this report, please click here for the most recent one relating to the Countrywide Assured Guarantee Plus Pension Fund (S&P Series), originally issued by Save & Prosper Pensions:-

Countrywide Assured Guarantee Plus Pension Fund (S&P Pensions Series)

And for the equivalent report relating to the Countrywide Assured With-Profits Fund (S&P Series) originally issued by Save & Prosper Insurance, please click here:-

Countrywide Assured With-Profits Fund (S&P Insurance Series)